Russia’s Deputy Prime Minister Denis Manturov Highlights Growing Trade with India
Moscow [Russia], July 10: Russian First Deputy Prime Minister Denis Manturov emphasized the strategic importance of the India-Russia partnership, noting a significant increase in trade between the two countries. In 2023, trade turnover reached USD 57 billion, and by April 2024, it grew by an additional 23%, nearing USD 18 billion.
Manturov expressed optimism about future relations, highlighting India’s key role in Russia’s foreign policy. He stated, “Today Russia-India relations have the nature of a special privileged strategic partnership.” He attributed the growth to mutual interests and shared economic goals.
The new Concept of Foreign Policy of the Russian Federation prioritizes strengthening ties with India. Manturov mentioned plans to increase bilateral trade, investment, and technological ties, ensuring resilience against external pressures.
He discussed the diversification of trade and the transition to transactions in national currencies. Collaborative efforts span industries like industrial sectors, fuel and energy complexes, IT, communications, and transport. Financial mechanisms are being modernized to facilitate smoother trade.
Manturov projected continued acceleration in cooperation, especially in shipbuilding, aircraft engineering, metallurgy, and digital technologies. The Intergovernmental Russia-India Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation will play a crucial role in these efforts.
Addressing trade imbalances, Manturov highlighted initiatives like the Free Trade Agreement between the Eurasian Economic Union and India. Infrastructure development, such as the International North-South Transport Corridor, aims to enhance trade links.
Beyond economics, Manturov emphasized cultural and humanitarian exchanges, noting the growing number of Indian students in Russian universities and expanding cultural collaborations. He also mentioned the potential for increased mutual tourism.
These remarks followed Prime Minister Narendra Modi’s visit to Russia, where he was received by Manturov and awarded Russia’s highest civilian honor, the Order of St Andrew the Apostle the First, by President Vladimir Putin.
